'The kleptocracy never ends': Bernie Sanders blasts use of Trump company crypto at UFC event

The Ultimate Fighting Championship (UFC) Freedom 250 event marked a historic moment for the sport as fighters took to the cage on Sunday at the White House Lawn. The event generated great hype, which several businesses, including Trump's family businesses, capitalized on. Leading up to the event, "Real Trump Coins," associated with the President's family business, produced and sold special UFC coins worth between nearly $250 and $12,000, raising ethical concerns. Critics were quick to slam the move, with Democratic Senator Bernie Sanders labeling it a "kleptocratic move." 

"The kleptocracy never ends," Sanders wrote on X. "Trump used the White House as a backdrop for a cage match. At the same time, the Trump family is selling $12,000 coins to profit off the event," he added, referring to the special medallions. According to Real Trump Coins' website, the medallions are priced between $249.99 and $11,999.99, and they are still on sale, featuring Trump and UFC president Dana White on the covers. Along with the President’s profile on one side, the coins have the 250th anniversary emblem on the obverse. While Real Trump Coins is an independent venture, it licenses Trump's likeness from his eponymous organization, run by his sons, Donald Trump Jr. and Eric Trump. "They're not draining the swamp. They are the swamp," Sanders scathed. 

Another move that sparked ethical concerns was the use of cryptocurrency issued by Trump's family business, World Liberty Financial, to pay part of some of the fighters' fight night bonuses. This, too, is directly connected to the Trump family's financial interests in the UFC Freedom 250 event, which was promoted on government property.  According to clips of an announcement at the event, about $250,000 worth of bonuses came in the form of USD1, a type of synthetic dollar known as a stablecoin, run by World Liberty Financial. According to Trading View's analysis of CoinMarketCap data, the move raised the value of the USD1 above $1 after it traded well below the dollar mark for a month.

This arrangement created an ethical conflict as the President's family businesses directly profited from the event conducted at a government property, using federal security resources. Under the federal criminal statute, most executive branch employees are barred from taking part in official matters that affect their own financial interests or those of their close associates. However, the President, the Vice President, and members of Congress are exempt.

"If a Treasury Secretary had a financial interest in World Liberty and then participated in any government matter that had a knowing economic impact on World Liberty, that Treasury Secretary very likely would commit a felony," Richard Painter, a former chief White House ethics lawyer in the George W. Bush administration, told Fortune. Earlier this month, Reuters reported that the Trump family's crypto ventures, led by WLF, have generated billions of dollars in paper gains and have become one of the largest sources of wealth tied to the President's family.